Circle Internet Group's (CRCL) meteoric rise since its June IPO has been nothing short of spectacular, with shares skyrocketing over 300% from its $31 debut price. However, CEO Jeremy Allaire and other insiders are now cashing in, launching a secondary offering of 10 million shares that's raising $1.4 billion.
Just two months after going public, Circle announced that eight million shares would come from existing shareholders, including CEO Allaire, while the company would offer two million shares. This move triggered a 5% after-hours decline, raising questions about management's confidence in the stock's current valuation.
